Raman spectroscopy is a highly sensitive technique to identify chemical fingerprint of molecules and is finding increasing applications in biosciences and material sciences. Raman spectroscopy provides fast, non-destructive characterization of materials without complex sample preparation. This has led to growing adoption of Raman spectroscopy across industries for applications ranging from pharmaceuticals to semiconductors.
Market key trends:
Raman spectroscopy is increasingly finding applications in biomedical field for disease diagnosis. Recent advancements allow label-free, non-invasive detection of biomarkers and diseased tissues through Raman spectroscopy. Handheld and portable spectrometers are enabling point-of-care disease diagnosis without need for histopathological examination. This is expected to revolutionize disease screening and expand potential of Raman spectroscopy in healthcare over coming years.
The global Raman spectroscopy market is segmented by product type, application, end user industry, and region. Based on product type, the market is segmented into systems and accessories. The systems segment is expected to dominate the market during the forecast period. This is attributed to the growing R&D investments in pharmaceutical and biotechnology industries, which require advanced Raman spectroscopy systems for sensitive chemical analysis.
The global Raman Spectroscopy Market is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, 2023 – 2030, due to increasing R&D activities in pharmaceutical, biotechnology, and chemical industries. The market size is estimated to reach US$ 1.18 Billion In 2023.
In terms of regional analysis, North America is expected to dominate the global Raman spectroscopy market during the forecast period. This is owing to strong government support in the form of funding and rapid adoption of advanced technologies in the pharmaceutical sector. Asia Pacific is anticipated to witness the highest growth rate, propelled by increasing outsourcing of pharmaceutical manufacturing to countries like India and China.
Key players operating in the Raman spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, and Agilent Technologies. Thermo Fisher Scientific dominates the market due to its wide product portfolio and strong geographic presence across major markets.